Beyoncé's Father Is No Longer Her Manager

Beyoncé's father, Mathew Knowles, is retiring from the family business: The superstar's dad will no longer serve as her manager.

"I am grateful for everything he has taught me," Beyoncé, 29, said in a statement. "I grew up watching both he and my mother manage and own their own businesses. They were hardworking entrepreneurs and I will continue to follow in their footsteps."

"He is my father for life and I love my dad dearly," her statement continued. "I am grateful for everything he has taught me."

Mathew, who has overseen all aspects of his daughter's career since her first foray into entertainment as part of Destiny's Child in the late '90s, also emphasized that the decision was purely about business.

"Business is business and family is family," he said in a separate statement. "I love my daughter and am very proud of who she is and all that she has achieved. I look forward to her continued great success."